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Argentina to settle Chinese imports in yuan as China marches into South America to dethrone dollar
By Kandy Wong
South China Morning Post, Hong Kong
Thursday, April 27, 2023
China's push for greater use of its currency in bilateral trade settlements has made further inroads in South America, with Argentina set to follow Brazil and start to pay for Chinese imports in yuan rather than U.S. dollars.
Economy Minister Sergio Massa confirmed on Wednesday that Argentina, following a meeting with Chinese ambassador Zou Xiaoli and companies from various sectors, had "activated the swap with China."
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Argentina will, Massa added, pay for US$1.04 billion of Chinese imports in April in yuan instead of US dollars and then US$790 million per month from May.
The second-largest country in South America is attempting to maintain its reserves of US dollars after a historic drought reduced exports by US$15 billion, including from its key agricultural sector. ...
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